Why Hagerty Shares Are Rising

Hagerty Inc HGTY shares are trading higher after State Farm Mutual Automobile Insurance Company disclosed a 17.2% active stake in the company.

Hagerty began trading on the NYSE Monday. "This is a huge moment for our brand, our team and our purpose to save driving and car culture for future generations," said CEO McKeel Hagerty. "There are millions upon millions of people out there who love cars, not so they can get from Point A to Point B but because cars are fun, exciting and fulfilling."

"As a public company, we are well-positioned to give car lovers more of what they want – cool events, shared experiences, automotive intel and resources, along with best-in-class insurance and amazing service," Hagerty stated.

Hagerty is a provider of specialty automotive insurance. It offers insurance for cars, boats, truck, motorcycle, tractor and motorsports.

Hagerty has a 52-week high of $19.43 and a 52-week low of $9.61.